As a foreigner you can open a bank account at an Ecuadorian bank if you have a visa for Ecuador. Without a visa for Ecuador, you may want to open a bank account at an Ecuadorian credit union. Most credit unions don't ask for a visa.
Tips and recommendations
- It's best to bring your cédula, but many banks also accept passports.
- Banco Guayaquil and Produbanco have the best reputations. These banks are the largest Ecuadorian banks after Banco Pichincha, which doesn't have a good reputation.
- Expats living in Cuenca may also open a bank account at Banco del Austro. This bank from Cuenca has a good reputation and offers a credit card developed for expats, but this bank does not have many offices in other parts of the country.
- Visit a bank office in an area where many expats live. Employees in these bank offices often have more experience opening bank accounts for foreigners. This speeds up the process.
Safety measures at banks
Bank robberies and especially the robberies of bank clients are a problem in Ecuador. For this reason, all banks have one or more guards. As a visitor to a bank office, you're not allowed to use your mobile phone inside banks because mobile phones can be used to inform robbers.
If you want to bring a large amount of money to or from a bank, you can call 911 to arrange a free escort by the police.
See our guide How To Stay Safe from Crime in Ecuador for more recommendations.